Bitcoin remittance app Abra receives $12 million in Series A funding

On September 10, Bitcoin remittance app startup Abra has completed a $12 million Series A financing.

It is reported that investors participating in this round include Arbor Ventures, RRE Ventures and First Round Capital.

Together with the funds previously raised in the seed round, the startup has raised more than $14 million in funding.

Abra plans to use the funds to further develop its remittance application and support the expansion of its service coverage.

In the announcement, Jim Robinson, general partner at RRE Ventures and co-founder of Abra, said the company is leveraging the potential of bitcoin technology to reduce friction in financial services.

He added:

“It’s about how this technology can solve problems for consumers around the world, even if they don’t know what blockchain is.”

It is reported that Abra made its debut at the Launch Festival, a famous technology startup conference in Silicon Valley in 2015. It uses Bitcoin as its backend infrastructure, but the fixed-value settlement funds are in US dollars.

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